Full Press Release Details
Cellectar Reports Financial
Results for the Second Quarter 2021
and Provides a Corporate
PARK, N.J., August 9, 2021 -- Cellectar Biosciences, Inc. (NASDAQ: CLRB), a late-stage clinical biopharmaceutical
company focused on the discovery and development of drugs for the treatment of cancer, today announced financial results for the second
quarter ended June 30, 2021 and provided a corporate update.
Recent Corporate Highlights
"During the second quarter, we remained focused on advancing both our preclinical and clinical objectives. The high level of interest
and participation in our WM pivotal study by international thought leadership and academic centers from around the globe is extremely
exciting," said James Caruso, president and CEO of Cellectar. "We presented compelling CLR 131 data at ASCO and announced
two new collaborations with biotechnology companies specializing in proprietary drug conjugate linker chemistry to diversify our PDC pipeline.
With over $46 million in cash and cash equivalents as of June 30, 2021, we are well capitalized with the cash runway to execute on our
anticipated value enhancing milestones into 2023."
Second Quarter Financial
About Cellectar Biosciences, Inc.
Cellectar Biosciences
is focused on the discovery and development of drugs for the treatment of cancer. The company is developing proprietary drugs independently
and through research and development collaborations. The company's core objective is to leverage its proprietary Phospholipid Drug
Conjugate (PDC) delivery platform to develop PDCs that specifically target cancer cells, delivering improved efficacy and better
safety as a result of fewer off-target effects. The company's PDC platform possesses the potential for the discovery and development
of the next-generation of cancer-targeting treatments, and it plans to develop PDCs independently and through research and development
The company's product
pipeline includes CLR 131, a small-molecule PDC designed to provide targeted delivery of iodine-131 (radioisotope), and proprietary preclinical
PDC chemotherapeutic programs and multiple partnered PDC assets. The company is currently enrolling in a global, pivotal Phase 2 Part
B (CLOVER-WaM) expansion study in Waldenstrom's macroglobulinemia (WM) patients who have received at least two prior lines of therapy,
including Bruton tyrosine kinase inhibitor failed or suboptimal response patients. The WM study will enroll up to 50 patients to evaluate
the efficacy and safety of CLR 131 for marketing approval.
more information, please visit www.cellectar.com and www.wmclinicaltrial.com or join the conversation by liking and
following us on the company's social media channels: Twitter, LinkedIn, and Facebook.
Forward-Looking Statement Disclaimer
This news release contains
forward-looking statements. You can identify these statements by our use of words such as "may," "expect," "believe,"
"anticipate," "intend," "could," "estimate," "continue," "plans," or their
negatives or cognates. These statements are only estimates and predictions and are subject to known and unknown risks and uncertainties
that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current
beliefs and expectations as to such future outcomes including our expectations of the impact of the COVID-19 pandemic. Drug discovery
and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties
related to the ability to raise additional capital, uncertainties related to the disruptions at our sole source supplier of CLR 131, the
ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development
thereof, patient enrollment and the completion of clinical studies, the FDA review process and other government regulation, our ability
to maintain orphan drug designation in the United States for CLR 131, the volatile market for priority review vouchers, our pharmaceutical
collaborators' ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product
pricing and third-party reimbursement. A complete description of risks and uncertainties related to our business is contained in our periodic
reports filed with the Securities and Exchange Commission including our Form 10-K for the year ended December 31, 2020. These forward-looking
statements are made only as of the date hereof, and we disclaim any obligation to update any such forward-looking statements
CELLECTAR BIOSCIENCES,
CONDENSED CONSOLIDATED
| June 30, | ||||||||
| 2021 | December 31, | |||||||
| (Unaudited) | 2020 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 46,777,855 | $ | 57,165,377 | ||||
| Prepaid expenses and other current assets | 347,028 | 774,432 | ||||||
| Total current assets | 47,124,883 | 57,939,809 | ||||||
| Fixed assets, net | 286,768 | 355,982 | ||||||
| Right-of-use asset, net | 244,993 | 282,365 | ||||||
| Long-term assets | 75,000 | 75,000 | ||||||
| Other assets | 6,214 | 6,214 | ||||||
| TOTAL ASSETS | $ | 47,737,858 | $ | 58,659,370 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable and accrued liabilities | $ | 3,391,017 | $ | 3,443,197 | ||||
| Lease liability | 127,476 | 119,904 | ||||||
| Total current liabilities | 3,518,493 | 3,563,101 | ||||||
| Long-term lease liability | 236,058 | 301,740 | ||||||
| TOTAL LIABILITIES | 3,754,551 | 3,864,841 | ||||||
| COMMITMENTS AND CONTINGENCIES (Note 7) | ||||||||
| STOCKHOLDERS' EQUITY: | ||||||||
| Preferred stock, $0.00001 par value; 7,000 shares authorized; Series C preferred stock: 0 and 215 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | - | 1,148,204 | ||||||
| Series D preferred stock: 695 and 1,519 issued and outstanding as of June 30, 2021 and December 31, 2020 respectively | 8,637,645 | 18,887,645 | ||||||
| Common stock, $0.00001 par value; 160,000,000 and 80,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 55,267,931 and 45,442,729 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 553 | 454 | ||||||
| Additional paid-in capital | 174,505,736 | 161,533,653 | ||||||
| Accumulated deficit | (139,160,627 | ) | (126,775,427 | ) | ||||
| Total stockholders' equity | 43,983,307 | 54,794,529 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 47,737,858 | $ | 58,659,370 |
CELLECTAR BIOSCIENCES,
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| COSTS AND EXPENSES: | ||||||||||||||||
| Research and development | $ | 4,627,636 | $ | 2,465,392 | $ | 9,260,830 | $ | 5,081,729 | ||||||||
| General and administrative | 1,401,053 | 1,156,842 | 3,127,391 | 2,499,160 | ||||||||||||
| Total costs and expenses | 6,028,689 | 3,622,234 | 12,388,221 | 7,580,889 | ||||||||||||
| LOSS FROM OPERATIONS | (6,028,689 | ) | (3,622,234 | ) | (12,388,221 | ) | (7,580,889 | ) | ||||||||
| OTHER INCOME: | ||||||||||||||||
| Interest income, net | 659 | 10,309 | 3,021 | 11,356 | ||||||||||||
| Total other income | 659 | 10,309 | 3,021 | 11,356 | ||||||||||||
| NET LOSS | $ | (6,028,030 | ) | $ | (3,611,925 | ) | $ | (12,385,200 | ) | $ | (7,569,533 | ) | ||||
| BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE | $ | (0.11 | ) | $ | (0.26 | ) | $ | (0.25 | ) | $ | (0.65 | ) | ||||
| SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE | 52,763,809 | 13,793,548 | 50,464,274 | 11,591,605 |